Trade-war fears sink stocks; S&P 500 has its worst week in two years

Trade-war fears sink stocks; S&P 500 has its worst week in two years
By ASSOCIATED PRESS MAR 23, 2018 | 2:00 PM

Stocks around the world plunged Friday as investors feared that a trade conflict between the U.S. and China, the biggest economies in the world, would escalate. A second day of big losses pushed U.S. stocks to their worst week in two years.

As of Friday afternoon, China's only response to the tariffs President Trump announced this week was to say it would defend itself. But investors are concerned that tensions will keep rising and that a round of sanctions and retaliation will affect the global economy and corporate profits.

The Chinese government did say it might place tariffs on $3 billion worth of U.S. goods such as pork, apples and steel pipes. That was a response to the tariffs on steel and aluminum imports that Trump earlier announced this month.

China announces retaliatory tariffs on 128 U.S. products, including California wine and almonds »

The losses were widespread. Technology companies were pummeled. The sector has made enormous gains over the last year, but since tech firms do so much business outside the U.S., investors see them as particularly vulnerable to the effects of a trade dispute.

http://www.latimes.com/business/la-fi-markets-20180323-story.html